What is the significance of a course unit on risk management and insurance to students of commerce at university level?

a) What is the significance of a course unit on risk management and insurance to students of commerce at university level?
(2 marks)
b) Define risks and using examples distinguish pure and liability risks.
(2 marks)

c) Distinguish between physical and moral hazards and explain how the hazards could jeopardize insurability of property.
(3 marks)
d) Mrs. M insured her car at a cost of sh. 450000 on comprehensive car policy for period 1st Jan 2011 to Dec 31 2011.if the car is stolen on 4th Jan 2012 how much money should the insurance co. Pay Mrs. ?Explain
(2 marks)
e) On March 10 2011 Mr. Okay bought a fire policy of 950000to cover business stock for over a year. Thieves broke into the shop on 11th Sept 2011 and stole stock valued at 750000. How much money will the insurer pay? Explain

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